LIVEBitcoin Miner Integrated Ventures Sees Decline in Annual Revenue Despite Higher BTC Production
Integrated Ventures Inc. (OTCQB: INTV) disclosed its yearly mining revenues amounting to $3,862,849 with a production of 162.71 bitcoins for the financial period ending on July 30, 2023, according to a press release on September 29, 2023. Despite the increased bitcoin production compared to 108.29 bitcoins in 2022, the company witnessed a revenue dip from $4,871,473. The decreased revenue against a higher bitcoin yield is primarily attributed to the faltering cryptocurrency market conditions during 2023, where the average dollar value of mined bitcoin plummeted to $23,740.44 from $44,986.17 in the preceding year.
Integrated Ventures' financial highlight unveiled a net income loss of $25,459,967 for 2023, significantly up from the $688,003 net loss in 2022. The stark increase in net income loss was largely driven by expenses including a depreciation expense of $3,597,346, loss on disposition of mining equipment amounting to $1,197,522, impairment of mining equipment valued at $5,574,363, and a noteworthy annual stock compensation to management, valued at $15,247,500. Excluding these expenses, the annual income loss would stand at $458,736.
The gross loss for the year was reported at $6,297,476, primarily due to an uptick in depreciation expense which totaled $3,597,346. On excluding this expense, the annual gross profit would have been positioned at $1,162,733.
CEO Steve Rubakh acknowledged the challenging cryptocurrency milieu, marked by events like the FTX debacle, which impacted mining revenues. Despite these hurdles, the company managed to enhance bitcoin production without additional capital infusion.
Furthermore, the management is eyeing fintech sectors emphasizing liquidity, alongside AI/VR smart glasses/headsets. Due diligence is underway on two promising projects for potential strategic mergers or asset acquisitions to bolster shareholder value and revenue growth.
LIVE